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The "Social Security Trust Fund" comprises two separate funds that hold federal government debt obligations related to what are traditionally thought of as Social Security benefits. The larger of these funds is the Old-Age and Survivors Insurance (OASI) Trust Fund, which holds in trust special interest-bearing federal government securities ...
Social Security payroll taxes are collected by the federal Internal Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the federal Disability Insurance (DI) Trust Fund, the two Social Security Trust Funds. [8] [9] Social Security revenues exceeded expenditures between 1983 and ...
In 2022, the Social Security trust funds collected $1.22 trillion in revenue. Of that, about 90 percent came from payroll taxes and 4 percent came from taxes collected on Social Security benefits .
One of Social Security's most pressing problems is the depletion of its trust funds: the Old-Age and Survivors Insurance (OASI) fund and the Disability Insurance (DI) fund.
Yet today Social Security is treated like all the other trust funds of the Unified Budget. [ citation needed ] As a result of these changes, particularly the tax increases, the Social Security system began to generate a large short-term surplus of funds, intended to cover the added retirement costs of the " baby boomers ".
Another option would be for Congress to raise the Social Security payroll tax rate from its current 12.4% to 15.6% following the trust fund depletion, and then gradually increase it to 16.7% by 2095.
This debt mainly represents obligations to Social Security recipients and retired federal government employees, including military. In the United States, intragovernmental holdings are primarily composed of the Medicare trust funds, the Social Security Trust Fund, and Federal Financing Bank securities. A small amount of marketable securities ...
Social Security still had over $2.78 trillion in its trust fund reserves at the beginning of 2024. This money is crucial for helping the government cover benefits above what it takes in annually ...